Saudi Arabia has sent a high-level delegation including Energy, Finance and Trade Minister to discuss different aspect related to the projects under the CPEC framework. Saudi delegation reached Pakistan, and on Tuesday they visited port Gwadar where they have briefed on various developmental activities and plans being executed under the China-Pakistan Economic Corridor (CPEC), officials said.
Saudi delegation, led by Ahmad Hameed Al-Ghamdi, adviser of Saudi Arabia’s Ministry of Energy, Industry and Mineral Resources, visited under development projects on the emerging port city of Gwadar and the free zone as well.
During their visits, the Saudi team was given a briefing on CPEC projects linked to Gwadar port and projects being implemented by the Gwadar Development Authority.
The Saudi team showed interest in investing in Gwadar and expressed satisfaction over the facilities and security situation in the area.
During the visit, Al-Ghamdi was quoted as saying that there are historical, religious and brotherly relations between Saudi Arabia and Pakistan.
“Saudi Arabia stood with Pakistan in difficult times in the past and will do so in the future as well,” the Saudi official told his Pakistani counterparts.
He added that the Saudi government is keen on contributing to the development process in Pakistan.
The Saudi delegation is in Pakistan on a four-day visit. At the conclusion of its tour, Islamabad and Riyadh are expected to sign four memoranda of understanding (MoU) for oil and mineral sector investment and trade cooperation that would ultimately extend the Chinese Belt and Road Initiative (BRI) from Gwadar to Africa through Oman and Riyadh.
Sources told Dawn Riyadh was expected to be allocated a large piece of land at Gwadar for setting up a 500,000 barrels per day (BPD) refinery worth over $9 billion besides an oil storage facility for 2-3 million tonnes as part of its plan to secure its export supplies. They said Pakistan promised 16 per cent return on investment in the oil refinery.